A trio of super PACs, backed by the heavyweights of the cryptocurrency world, has amassed a staggering $78 million war chest. Leading this financial charge are none other than venture capital giant Andreessen Horowitz, U.S. crypto exchange Coinbase, and the infamous Winklevoss twins. 💰
The strategy? To back candidates who are friendly to crypto policies, as the industry faces intense scrutiny from federal regulators. Fairshake, one of the super PACs, is already funneling over $1.2 million into TV ads for House candidates, signaling a serious commitment to influencing the political landscape.
Kara Calvert, the head of U.S. policy at Coinbase, didn’t mince words about the industry’s intentions. They’re dead set on making a substantial impact in the 2024 elections. The timing is crucial, with the crypto industry lobbying for House GOP bills that aim to legitimize digital assets and establish a new regulatory framework. However, these bills are encountering resistance in the Senate and from the Biden administration, primarily due to consumer protection and financial crime concerns. 😖
Chris Dixon of Andreessen Horowitz emphasized the need for the crypto industry to show its strength against the traditional powerhouses of big banks and big tech. Andreessen Horowitz is putting its money where its mouth is, recently announcing plans to support political candidates financially.
The donor list for these super PACs reads like a who’s who of the crypto world, including major players like Circle, Kraken, Paradigm, Ripple, Coinbase CEO Brian Armstrong, and venture capitalists Ron Conway and Fred Wilson. 😲